New Zealand Legislation: Regulations

21 Exemption for directors or officers who disclose substantial holdings

• A director or officer who has, or who acquires or disposes of, a relevant interest in a security does not have to disclose that fact under section 19T of the Act if—

  • (a) the director or officer must make a disclosure under section 22, 23, or 25 of the Act in relation to a substantial holding in the public issuer of the security to which the relevant interest relates or related; and

  • (b) the disclosure under that section concerns the same relevant interest; and

  • (c) the director or officer discloses in accordance with that section; and

  • (d) it is stated in the disclosure made in accordance with that section that the director or officer is a director or officer of the public issuer.

  Regulation 21: substituted, on 29 February 2008, by section 14 of the Securities Markets Amendment Act 2006 (2006 No 47).